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Canyon City Commissioners vote to issue over $4 million in debt for well field

The City of Canyon
The City of Canyon
Published: Nov. 10, 2021 at 5:17 PM CST
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CANYON, Texas (KFDA) - The City of Canyon took another step today toward bringing more water to the city by approving debt to buy land to be developed into a well field.

Commissioners voted to issue slightly more than $4 million in debt to buy 624 acres.

Financial advisor Jason Hughes said the best bid for the debt would make it have an interest rate of almost two percent. The city has 10 years to pay off the debt.

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